Rupee's sharp fall against dollar not a worry for edible oil manufacturers

The rupee on July 21 hit a low of 80.06 per dollar in intraday trade but it bounced back to close at 79.99

Edible oil manufacturers are unfazed by the rupee’s sharp fall against the dollar because the higher decline in crude palm oil prices has compensated for that.

However, edible oil players are in wait-and-watch mode and will see how the market evolves. That includes watching the movement of the rupee and crude palm oil prices. The price of Malaysian crude palm oil has dropped 52.8 per cent from its 52-week high and declined 43.8 per cent in the past three months.

The rupee on July 21 hit a low of 80.06 per dollar in intraday trade but it bounced back to close at